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Distribution Policy

The Board has adopted a progressive dividend policy of paying 25%-50% of Pre-Tax Operating Profit, which balances reinvestment in our business and growing a dividend to shareholders, while minimising the need to raise external capital. While we are in growth mode, we believe it is in the best interests of the Group to create long term shareholder value by using our internally generated capital to invest at high rates of return to build our future and scale our business. While the precise payout percentage may vary year on year, we intend to grow the annual cash dividend from the FY2020 level of 4 pence per share.

Dividends will normally be paid twice a year.

Interim: announced with half year results and paid in June

Final: announced with full year results and paid in October

A more detailed explanation of our future dividend plans is included in our 2020 Results Announcement. To read the announcement please click here.

For previous distribution details please see below.

Most recent dividend announcement

The recommended final distribution for 2020 was announced on 24 May 2021, subject to shareholder approval.

Dividend Dates:
Ex Dividend Date: 3 June 2021
Record Date: 4 June 2021
Payment Date: 24 June 2021

Dividend rate:
GBP 0.2 pence

Distribution History

Financial Year Ended 31 DecemberFinal / InterimAmount of distribution per ordinary share
2020Interim3.8p
2019Final1 ordinary share for every 22 ordinary shares held
2019Interim3.8p
2018Final5.6p
2018Interim3.6p
2017Final5.4p
2017Interim3.5p
2016Final5.2p
2016Interim3.4p
2015Final5.0p
2015Interim3.4p
2014Final5.0p
2014Interim3.4p
2013Final5.0p
2013Interim3.4p